Thailand eyes greater share of booming global halal market worth US$3.1 trillion by 2027
The global halal market, once considered niche, has evolved into a mainstream sector driven by a burgeoning Muslim population and increasing per capita spending amongst Muslim consumers worldwide.
United Nations statistics for 2024 show Muslims account for 1.907 billion people, or 23.5% of the world's total population of 8.119 billion.
This figure is projected to surge to 2.761 billion by 2050, representing nearly 30% of humanity and underscoring the immense potential of the halal market.
According to Salaam Gateway, a leading Islamic economy research institute, the global halal product market was valued at $2.35 trillion in 2024.
Food and beverages dominate this expansive market, accounting for US$1.38 trillion—nearly 59% of total halal market value. Other significant sectors include fashion, media and recreation, tourism, pharmaceuticals, and cosmetics.
By 2027, halal food and beverages alone are expected to reach US$1.89 trillion.
Poonpong Naiyanapakorn, Director General of the Trade Policy and Strategy Office at the Commerce Ministry, highlighted Thailand's strong position in the sector.
In 2024, Thai food exports to Organisation of Islamic Cooperation (OIC) countries reached $7.1313 billion, marking robust 6.3% growth.
"This solidifies Thailand's presence in the OIC market and signals a golden opportunity for Thai entrepreneurs to capitalise on surging global demand for halal products in 2025 and beyond," Poonpong said.
He emphasised that halal food's appeal extends beyond Muslim consumers due to its adherence to strict Islamic production principles, ensuring cleanliness and hygiene.
This perception of safety and quality is attracting a wider consumer base, fuelling continuous growth in demand, particularly within OIC nations.
Globally, halal food and beverage exports to OIC countries totalled $247.362 billion in 2024, up 6.9% from 2023. Whilst major exporters include Brazil, India, China, Turkey, and the United States, Thailand currently ranks as the 10th largest food exporter to the OIC market.
Key importers of halal food and beverages within the OIC include Indonesia, the United Arab Emirates, Malaysia, Saudi Arabia, and Turkey.
For Thailand, halal food exports represent a crucial economic and trade strategy. Indonesia, Malaysia, Iraq, the UAE, and Saudi Arabia collectively form Thailand's largest markets, accounting for 68.5% of its OIC food exports. Key products include rice, tinned tuna, sugar, pet food, and seasonings.
Thailand maintains a competitive edge through its product quality, food processing capabilities, and credible halal certification system.
OIC countries, particularly Saudi Arabia, the UAE, and Qatar, represent high-potential markets with substantial average per capita purchasing power and demand for internationally standardised halal food.
To strengthen its position and accelerate market expansion, Thailand must uphold its reputation as a producer of high-quality halal food, continuously develop product standards, and engage in proactive marketing within the OIC bloc. - The Nation Thailand/ANN
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
2 hours ago
- New Straits Times
Abang Johari: Federal-state ties remain strong for Sarawak's progress
MIRI: Sarawak Premier Tan Sri Abang Johari Openg has reiterated that the close cooperation between the state and federal governments would continue in the common interests of both the country and Sarawak. He said the Gabungan Parti Sarawak (GPS) government, which he leads, appreciates the cooperation currently enjoyed between the state and the federal government under Prime Minister Datuk Seri Anwar Ibrahim. "In fact, at the federal level, Sarawak is represented by a deputy prime minister, namely Datuk Sri Fadillah Yusof, in addition to other ministers from Sarawak," he said in his speech at the Sarawak Day celebration here yesterday. He expressed confidence that Sarawak's efforts to achieve greater prosperity would not undermine the wider national objective of advancing the country's overall development. He said the increase in Sarawak's revenue, particularly through the Sarawak Sales Tax (SST), would not diminish the country's revenue as the federal government has sufficient avenues to boost national income without burdening the people. Abang Johari said the GPS government would continue to fight for Sarawak's rights under the Malaysia Agreement 1963 (MA63) through ongoing negotiations with Putrajaya. "Sarawak has successfully regained nine rights under MA63 and the GPS government will continue its efforts to restore all rights that have been eroded over the years," he said. He noted that Sarawak started as a state with many shortcomings and widespread poverty, especially in rural areas, during the formation of Malaysia. "Now we are grateful that Sarawak's economy has shown very encouraging growth," he said, adding that last year Sarawak recorded its highest ever revenue of RM14 billion compared to RM13.3 billion in 2023. He said this year he had presented the largest budget in Sarawak's history amounting to RM15.8 billion, opening up opportunities for a more inclusive economy. "Under the powers provided by the Federal Constitution, the state has begun to enjoy more of its oil and gas revenues through the SST imposed on petroleum products as well as through profit sharing between Petronas and Petros," he said. The premier said the World Bank had recognised Sarawak as a high-income region for three consecutive years since 2022 based on a Gross National Income (GNI) per capita of RM73,100 (US$17,000) in 2024, a figure that surpasses the threshold of RM63,800 (US$15,000) set by the bank. He said this status had placed Sarawak in fourth position after the Kuala Lumpur and Labuan and Penang, surpassing Selangor. He said the state government would continue to ensure Sarawak's resources are given added value through the creation of downstream industries, particularly in the oil and gas sector, guided by the long-term Sarawak Gas Roadmap (SGR). He expressed confidence that when fully implemented within 10 years the SGR would attract investments worth RM300 billion and generate RM120 billion in output from the product and service chain. "New industries will also be created, especially in the renewable energy sector, to generate up to 15,000 megawatts of energy by 2035, not only for domestic consumption but also for export to Asean countries," he said.
Barnama
5 hours ago
- Barnama
Malaysia To Host Second Round Of EU Free Trade Talks In November
BUSINESS KUALA LUMPUR, July 22 (Bernama) -- Malaysia is expected to host the second round of negotiations for the Malaysia-European Union Free Trade Agreement (MEUFTA) in November 2025, according to the Ministry of Investment, Trade and Industry (MITI). The ministry said the first round of MEUFTA talks took place in Brussels, Belgium, from June 30 to July 4, 2025, with 21 chapters currently under negotiation with the European Union (EU). 'In addition to traditional chapters such as trade in goods, rules of origin, customs and trade facilitation, services, and investment, the FTA with the EU also includes new chapters such as sustainable food systems and trade and sustainable development -- topics which were not included when talks first began in 2010,' MITI said in a written reply published on the Parliament website today. The response was to a question by Datuk Seri Hasni Mohammad (BN–Simpang Renggam) on whether MITI plans to resume FTA talks with the EU and the Gulf Cooperation Council (GCC), and the areas of focus. MITI added that in 2024, bilateral trade between Malaysia and the EU reached RM218.9 billion (US$1=RM4.23), with exports totalling RM115.8 billion and imports RM103.1 billion. Malaysia's main exports to the EU included electrical and electronic products, manufactured goods, palm oil and related products, processed foods, and optical and scientific equipment. From 2021 to 2024, the total approved investments from EU countries in Malaysia's manufacturing and services sectors, overseen by the Malaysian Investment Development Authority (MIDA), amounted to RM198.2 billion. Meanwhile, on the Malaysia-GCC FTA, Malaysia signed a joint statement with the GCC on May 26, 2025, to launch negotiations on an FTA between the two parties. The first round of negotiations is scheduled to take place in September 2025.
Barnama
6 hours ago
- Barnama
IILM's US$800 Mln Short-term Sukuk Oversubscribed 2.3 Times
BUSINESS KUALA LUMPUR, July 22 (Bernama) -- The International Islamic Liquidity Management Corporation (IILM) has reissued a total of US$800 million (US$1=RM4.23) in short-term sukuk across three tenors, with the offering oversubscribed by 2.3 times. In a statement today, IILM said the auction attracted US$1.9 billion in bids from its network of primary dealers and global investors. It said the issuance comprised a US$305 million two-week tenor at 4.40 per cent, a US$355 million three-month tenor at 4.49 per cent, and a US$140 million six-month tenor at 4.38 per cent. 'Today's successful completion of the short-term sukuk transaction marks the IILM's 13th auction year-to-date with a cumulative issuance of US$13.15 billion across 39 sukuk series of varying tenors,' IILM said. Chief executive officer Mohamad Safri Shahul Hamid said the outcome reflected continued investor interest in shariah-compliant liquidity instruments, despite prevailing global uncertainties. 'Today's auction outcome underscores the continued strength of investor demand for high-quality Islamic liquidity instruments, despite ongoing uncertainty surrounding the United States (US) Federal Reserve's rate trajectory and broader shifts in global monetary policy,' he said. Mohamad Safri added that financial markets remain cautious as central banks weigh persistent inflationary pressures against signs of moderating economic growth. 'The IILM's consistent ability to attract strong participation across all tenors reflects the market's confidence in our sukuk programme as a dependable tool for short-term liquidity management,' he said. The IILM's short-term sukuk programme is rated A-1 by S&P Global Ratings and F1 by Fitch Ratings, with a total issuance limit of US$6 billion.
